General Electric, a technology and financial services company, has invested $24 million in the largest operational solar power plant in India – Welspun Energy’s 151 MW solar photovoltaic power project.
Of the US $200 million project cost, Welspun Energy acquired debt financing worth about US $150 million for the project. The money infused by General Electric will be used by the company towards reducing its debt.
With this investment, GE’s investment in renewable energy worldwide has crossed US$10 billion. The unit expects it will invest more than $1 billion annually in renewable energy projects, its fastest-growing energy sector.
While GE is increasing its renewable energy investments, the company also is focusing on other energy generation segments, according to Brian Langenberg, principal in Langenberg & Co.
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